NOIDA: Noida MLA Vimla Batham on Tuesday met UP CM Akhilesh Yadav in the vidhan sabha during the ongoing budget session. She apprised him about the distress and anguish of the common man against the recent decision of the UP cabinet to increase Registration stamp duty from 5% to 7%. Notably, following TOI report on stamp duty hike, campaigns by several organizations have started to roll back hike. The CM promised to look into this matter again, keeping in mind the plight of the common man who will be made to suffer for no fault of their own.

She informed him that a lot of People have already taken possession and paid all registration charges to their respective builders but the builder has not deposited the same in the Govt. treasury, for whatever reasons.

These people now feel cheated and harassed as they are expected to pay 1-2 lakh rupees extra. Others, whose flats’ possession has been delayed by their builder, are also feeling cheated. Even otherwise, the realty sector would be further impacted by this increase in stamp duty.

TOI on its Monday edition had reported that the UP cabinet has approved hiking of stamp duty on homes by 2% in all cities, including Noida and Greater Noida. This will put an extra Rs 1-2 lakh burden on each buyer, while the revenue department expects to earn an additional Rs 100 crore. With thousands of flats routinely delivered late in Gautam Budh Nagar, especially those affected by the Okhla Bird Sanctuary (OBS) row, it will be a double whammy for many home buyers. Angry buyers accused a nexus between Noida Authority, developers and district administration for their misery. Developers said the decision will negatively impact GB Nagar real estate.

Following TOI report several home buyers, residents welfare associations, enterprenure associations have started campaign to roll back hiked stamp duty. A buyers outfit has also started online campaign into the matter. Even on social networking sites including facebook and twitter, the government stand is vehemently opposed and critisised.

Even political experts calling it injudicious move. “As UP is going for assembly polls, the rulling party should have avoid such stringent action, which will harm the home buyers and real estate sector too, which is offering jobs to lakhs of people,” said an expert.